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Deficit, national debt and government borrowing - how has it changed since 1946? Deficit, national debt and government borrowing - how has it changed since 1946?
(30 days later)
Britain's budget deficit is actally on target despite a rise to £18.17bn last month, from £17.95bn a year ago, according to the Office for National Statistics. This was worse than the £16bn predicted by City economists. Britain's budget deficit is down on the same time last year, according to the Office for National Statistics.
However, the Office for National Statistics says downward revisions to previous months meant the chancellor still managed to meet his £126bn borrowing target for the 2011/12 financial year. This compares with a £137bn shortfall last year. But it's not real - rather the numbers are flattered by the transfer of the Royal Mail pension fund to the public sector last month. This swelled receipts by £28bn and resulted in a £16.5bn surplus for the exchequer in April.
City analysts, and Labour, said the still parlous state of the public finances highlighted the problems George Osborne will face in balancing the books over the next five years. Whilst acknowledging that tough decisions needed to be made on tax and spending, Labour warned that the government risked choking off the recovery by cutting spending and raising taxes "too far and too fast". Excluding the effects of the pension fund transfer, the deficit in the first month of the 2012-13 financial year was £11.5bn – higher than the City had been expecting. A Treasury spokesman said: "today's data shows that in 2011-12 we cut borrowing by almost £12.5bn."
The latest data shows Government borrowing, with data all the way back to the 1940s. All political parties have faced their fair share of debt through the years - almost as if the economic climate has its own life independent of who is managing it.The latest data shows Government borrowing, with data all the way back to the 1940s. All political parties have faced their fair share of debt through the years - almost as if the economic climate has its own life independent of who is managing it.
What is the deficit? When the ONS talks about the deficit, they take a simple measure - the gap between what's coming into the government in taxes and receipts versus what's being spent. Most commentators look at net borrowing as the deficit figure, because it includes investment spending. It's different to the national debt - which is the total the country owes.What is the deficit? When the ONS talks about the deficit, they take a simple measure - the gap between what's coming into the government in taxes and receipts versus what's being spent. Most commentators look at net borrowing as the deficit figure, because it includes investment spending. It's different to the national debt - which is the total the country owes.
So this month the budget is in deficit. Here are the key facts for Feburary - if you exclude the temporary effects of the financial interventions in the banks:So this month the budget is in deficit. Here are the key facts for Feburary - if you exclude the temporary effects of the financial interventions in the banks:
• the public sector current budget was in deficit by £11.1bn; this is a £0.8bn higher deficit than in March 2011, when there was a deficit of £10.3bn
/>• public sector net borrowing was £18.2bn; this is £0.2bn higher net borrowing than in March 2011, when net borrowing was £18.0bn
/>• public sector net debt at the end of March 2012 was £1022.5bn (66.0% of GDP). This compares with £905.3bn (60.5% of GDP) at the end of March 2011		 • The public sector current budget was in deficit by £12.4bn; this is a £4.4bn higher deficit than in April 2011, when there was a deficit of £8.0bn;
/>• public sector net borrowing was -£16.5bn (a surplus); this is £25.6bn lower net borrowing than in April 2011, when net borrowing was £9.1bn;
/>• public sector net debt at the end of April 2012 was £1006.3bn (64.8% of GDP). This compares with £909.6bn (60.6% of GDP) at the end of April 2011
If you include the financial interventions, the big headline figure is that:If you include the financial interventions, the big headline figure is that:
public sector net debt at the end of March 2012 was £2,181.0bn (140.8% of GDP). This compares with £2,250.2bn (150.4% of GDP) as at the end of March 2011 • the public sector current budget was in deficit by £10.0bn; this is a £4.9bn higher deficit than in April 2011, when there was a deficit of £5.2bn;Public Sector Finances, April 2012 | 22 May 2012
/>• public sector net borrowing was -£18.8bn ( a surplus); this is £25.0bn lower net borrowing than in April 2011, when net borrowing was £6.2bn;
/>• public sector net debt at the end of April 2012 was £2,293.9bn (147.7% of GDP). This compares with £2,245.3bn (149.7% of GDP) as at the end of April 2011
The ONS data below shows monthly, quarterly and annual debt and deficit - what can you do with it?The ONS data below shows monthly, quarterly and annual debt and deficit - what can you do with it?
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